Buying a property is a major decision. Whether you are an aspiring home owner looking to buy that perfect dream house or a real estate developer looking for your next big project, buying a property needs careful considerations. Before you take the plunge, do your homework. A big investment like a property needs to be thoroughly investigated to save you the heartache, financial woes, and legal issues at a later stage.
Here is a quick checklist of things you should know before you buy property, anywhere.
Location
The location is definitely the first concern when you want to buy a property. Explore the neighborhood to ensure your future project is in a desirable area. Keep your target audience and project purpose in mind and then walk or drive around the potential property. In case you are buying a vacant lot, ensure it doesn’t fall within a floodplain.
Finances
Before considering any property, mark your budget. Try not to overstep. Find out an exhaustive list of expenses that will go into acquiring and developing the site. Consider getting a title insurance. Financing is an essential part of any purchase.
Legalities
Zoning laws
- Zoning laws are complex and quirky at times. Take your time to understand
them in accordance with the property you have your eye on. While the zoning
records are public, take help of an expert if you need.
Local council regulations
- Find out all about the local council regulations to ensure you are on the right
side and save yourself legal hassle in the future.
Permits
- Make sure you understand all the permits that are required and get them
well before you start construction. This process can sometimes take longer than expected, so it’s wise to give yourself time on the front end of a project.
Neighborhood
Ease of access
- Buying a gorgeous house or a vast piece of land and developing on it will not work unless there are proper roads leading to it. Even if you are deliberately looking for a little isolation, an absence of public roads would be a challenge. In such a scenario, you can possibly establish an easement on a neighbor’s property.
Utilities
- Ensure your future project can access electricity, gas, phone lines and water. In case these aren’t readily available, your budget needs to accommodate establishing them.
Surveying
Finally, hire professional surveyors to research your properties. While your plot might look great on paper, there is no way of ascertaining how the boundaries line up in real life without a proper surveying of the plot. On-site surveying will also give you a better feel of the land or building you intend to purchase. Make sure your dreams and ambition for the place don’t make you miss the cracks in the ceiling of the crooked boundary lines.
